Electric cars are hardly more expensive than combustion engines and will become much cheaper to produce in the future. They also offer excellent opportunities for the circular economy. New technologies could turn these vehicles into an even greater advantage by offering owners additional sources of income, such as reduced electricity bills, lower leasing rates or free parking.
Automakers are exploring how electric car batteries could be used to store excess renewable energy and help utilities manage fluctuations in energy supply and demand. Millions of cars could be seen as a giant energy system, connected to the power grid for the first time. This connection could increase grid stability and create financial incentives for drivers.
A clear example is a company that buys electricity when solar and wind energy is abundant and cheap and stores it in electric vehicles. When demand and prices increase, the electricity is then sold again. This practice shows how electromobility and the energy industry can be linked to achieve mutual benefits.
Renault offers a technology that allows electric car buyers to plug their vehicles into the grid and receive savings on their electricity bills in return. Participants can control how much energy they feed back into the grid and when they do so, reducing their energy bills by up to 50 percent.
One positive challenge is that Renault is offering participants the same 160,000 km range guarantee as those not participating in the program. In the future, batteries could potentially be rented or purchased separately from the vehicle, offering additional flexibility and financial benefits.
Some manufacturers already offer vehicles with bidirectional charging technology that can take in and feed power from the grid. Such vehicles could play a significant role in energy management in the future and help to smooth the grid load.
A notable example comes from the United States: by the end of the decade, an estimated 30 million electric vehicles could be on American roads, up from about three million today. These vehicles could store as much electricity as the daily production of dozens of nuclear power plants.
In Germany, we are well on the way to expanding renewable energy systems. In the future, everyone can become part of the energy transition and reduce energy costs by generating, storing and consuming energy in a decentralized manner. In the future, it will not be the energy costs that drive up prices, but the additional costs for transmitting the energy.
Just like in business, politics should set clear visions and missions to motivate its citizens. This is of utmost importance in order to achieve the set goals.
In my book Highway to Climate Hell I have listed many examples of how you can start your project now.
Overall, such developments could strengthen the economic case for electric vehicles and promote their adoption as an important tool in the fight against climate change.